Aramid Fiber Market Size By Product (Para Aramid, Meta Aramid, Copolyamide), By Application (Safety Applications, Optical Fibers, Frictional Materials, Tire Reinforcement, Rubber Reinforcement, Electrical Insulation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Thailand, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Dec 2017 | Report ID: GMI812 | Authors: Kiran Pulidindi, Hemant Pandey Report Format: PDF
Aramid Fiber Market size was more than USD 2.5 billion in 2016 and will witness over 8% CAGR during the projected timespan.
U.S. aramid fiber market size, by application, 2013 - 2024 (USD Million)
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In the recent decade, the world has witnessed escalating demand for products that combine durability with high performance and lower maintenance. Aramid fibers market has been observing a rising preference owing to the various unique properties such as: ultra-high strength, rigid & highly oriented molecular structure, light weight, low flammability, resistance to abrasion & organic solvents, etc. Global aramid fiber market is projected to have significant demand from the defense sector for protective clothing by 2024. The Netherlands Organization for Applied Scientific Research has proved that adding 10-15% of Twaron aramid fiber to PA66 consequences in a wear-reduction by a factor of 20. Robust technological advancement aimed at reduction of soldiers’ load and improvised personal protection are estimated to drive the need for light-weighted and soft body armor in the near future. This will in turn have positive influence for aramid fiber market over the forecast period.
Surge in asymmetric warfare incidences and mishaps globally has resulted in increased defense investments by various nations in the recent years. For instance, the wars including the Syrian civil war, ISIS conflict, the Lebanon conflict, Indo-Pak conflict over Kashmir, the battles between North Korea and the US. Growing strains across the borders has resulted in a rising demand for ballistic shielding products such as: bulletproof vests, armored car, headgear, missiles, eyewear, etc. Rising defense expenditure across the globe will drive the aramid fibers market by 2024.
Stringent regulations executed by the U.S. OSHA concerning the occupational safety will augment protective clothing consumption by 2024, which in turn propel the aramid fibers demand. However, high cost of production associated with aramid fibers might act as a restrain to the market growth over the forecast period. The industry is subjected to stringent hikes in product prices in order to meet the intensifying R&D costs. For instance, in October 2014, Teijin Aramid increased prices up to 7%, for its products associated with the Twaron aramid fibers. The price hike was aimed at increasing the investments in sustainable manufacturing techniques and bolster company’s collaboration with partners on innovative solutions.
Aramid Fiber Market, By Product
Para aramid fibers led the global aramid fiber market in 2016, with a revenue over USD 2 billion. The massive demand for protective gears such as helmets, bulletproof vests, and vehicle armor will drive the para aramid fiber market size over the forecast timespan. The most commonly preferred para aramid fibers across the globe include: Twaron, Kevlar, Taparan, X-FIPER, RUSLAN, etc.
Meta aramid fibers are estimated to rise with a CAGR above 7% by 2024. These are projected to witness substantial demand from various applications including: safety applications, electrical insulation, filteration, rubber reinforcement etc. Typically, preferred meta aramid fibers include: Nomex, Metastar, Teijinconex, etc.
Aramid Fiber Market, By Application
Global aramid fiber market size was propelled by safety equipment applications in 2016. The segment contributed market share close to 35% in the year and will exhibit extensive growth over the forecast timespan. The massive share was attributed to the rising safety concerns for the industrial as well as defense personnel.
Optical fiber applications generated close to 15% of the aramid fiber market share in 2016 and will witness significant gains over the forecast timeframe. The mounting need from the electronics and telecommunication sector for durable and sturdy optical fiber cables will drive the demand for these fibers by 2024.
Aramid Fiber Market, By Region
North America aramid fiber market generated revenue over USD 700 million in 2016. The region is estimated to witness fastest growth over the forecast timeframe. In 2014, the military spending in the region was close to USD 1.8 trillion. In 2015, the U.S. House of Representatives allocated a defense budget of USD 585 billion, through the National Defense Authorization Act (NDAA), which accounts for 54% of the total federal discretionary spending. Thus, enormous defense budget in the U.S. will result in this region’s high market share during the forecast period. China and India are likely to boost to the aramid fiber market growth in defense industry in coming years. New procurements for armed forces, electronics and vehicles are on the rise and the possibility of new entrants in the private sector could play a key role for aramid fiber market growth in the region.
Competitive Market Share
Key aramid fiber manufacturers include: Teijin Aramid B.V., DowDuPont, Hyosung, Yantai Tayho Co., Kolon Industries Inc., Huvis Corporation, Kermel, JSC Kamenskvolokno, etc. The industry is vastly consolidated as these players constitute more than 60% share in the global aramid fiber market. The giants have been striving to gain the competitive edge with strategic capacity expansions. For instance, in October 2017, Teijin underwent a capacity expansion for its Technora aramid fiber, which is eight times stronger than steel, at its facility in Matsuyama, Japan. Through the expansion, Teijin addressed the rising needs of its customers for the industrial and reinforcement applications in Asia Pacific region.
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Aramid fibers are synthetic fibers made from aromatic polyamides. Aramid have high modulus low weight and high tensile strength. The density of aramid is 0.052 lb/in3 (1.44 gm/cm3). This is about 20% lesser than regularly used carbon and about 40% lesser than glass. These fibers withstand exceptional toughness, substantial fire resistance, thermal resistance and resistance to organic solvents. Aramid fibers are manufactured by extruding a polymer solution through a spinneret. Various forms available include: pulp, continuous filament yarns, rovings, spun-laced sheet, chopped fiber, wet-laid papers, thermoformable composite sheets. thermoplastic impregnated tows, etc. General damage tolerance and ideal ballistic performance is resulted from aramid fiber strength. Aramid is used in composite or fabric form to get ballistic protection for the humans, military aircraft, armored tanks, etc. Composite systems which are reinforced with aramid, hold high vibration-damping features. They exhibit no galvanic reaction with metals and resist shattering upon impact.
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